Housing Development Finance Corporation earned profit of Rs 1,000 crore on sale of stake in HDFC AMC in quarter ended September 2018.

Housing finance company HDFC has reported a healthy 24.71 percent on year growth in second quarter profit to Rs 2,467 crore, driven by income from stake sale in AMC business.

Profit in the year-ago period stood at Rs 1,978.2 crore.

Housing Development Finance Corporation earned profit of Rs 1,000 crore on sale of stake in HDFC AMC in quarter ended September 2018, against reported income on sale of investments of Rs 63 crore in same period last year.

HDFC AMC had raised Rs 2,800 crore through its IPO in last week of July. Founders HDFC as well as Standard Life Investments offloaded stake through this IPO.